HIP - Home Information Pack

Key milestones for the Home Information Pack programmes are published today, setting out what Government and industry need to do to ensure that Home Information Packs are successfully launched to consumers on 1 June 2007. 

Home Information Packs are a key part of a programme of reforms including electronic conveyancing, improved search processes and an estate agents redress system which will ensure consumers get a better deal when it comes to buying and selling a home.

• First time buyers are the most vulnerable and least experienced participants in the home buying process.  They need hard reliable information to inform their decisions.  Home Information Packs will provide this

• Currently, one million pounds a day is wasted on failed transactions and buyers often spend hundreds of pounds on valuations, legal advice and searches on transactions that ultimately break down. By providing key information at the beginning of the process, Home Information Packs will prevent waste and significantly cut the number of sales that fall through
• survey carried out when buying a home.

• Transaction Improvements by reducing the abortive costs to consumers and the industry as well as reducing the number of failed transactions caused by survey or valuation inspection finding.